India, Russia eye USD 100 billion bilateral trade target by 2030

India and Russia are working towards a USD 100 billion bilateral trade target by 2030, said Ambassador Vinay Kumar. He highlighted progress in energy cooperation at Kudankulam and a sharp rise in skilled Indian workers in Russia.

Bilateral Trade Target

India's Ambassador to Russia, Vinay Kumar, on Wednesday said India and Russia are working towards achieving the bilateral trade target of USD 100 billion by 2030, while highlighting the steady progress in energy cooperation, including the Kudankulam Nuclear Power Project, and expanding employment opportunities for skilled Indian workers in Russia.

Speaking to ANI, Kumar said the leadership of both countries had set an ambitious trade target and efforts were underway to identify new areas of cooperation alongside strengthening existing sectors. "Trade is growing. We have a target set by the Prime Minister of India and the President of the Russian Federation to reach the trade of 100 billion dollars by 2030. And the focus is to find new areas while increasing the volume of trade in the existing areas," he said.

Energy Cooperation a Key Pillar

The Ambassador said energy continued to remain a key pillar of the India-Russia strategic partnership, noting that Russia's state nuclear corporation Rosatom was making significant progress at the Kudankulam Nuclear Power Project in Tamil Nadu. "Energy cooperation also continues. Rosatom continues doing its work for the Kudankulam nuclear power project. Significant progress has been made in Units 3 and 4 of the power plant," Kumar said.

Expanding Employment Opportunities

He also highlighted the increasing presence of skilled Indian professionals in Russia, stating that their numbers had risen sharply over the past few years. "Our rough estimate is an increase from around 10,000-15,000 two-three years back to more than 100,000 Indian workers in Russia at present," he said.

Upcoming Bilateral and Multilateral Engagements

According to Kumar, the next session of the India-Russia Intergovernmental Commission for Trade, Economic, Scientific, Technological and Cultural Cooperation will be held later this year to review progress, set new targets and identify measures to further strengthen bilateral economic engagement.

His remarks come ahead of the 18th BRICS Summit, which India, as the 2026 Chair, will host in New Delhi on September 12-13. India has extended an invitation to Russia to participate in the summit, while the Ministry of External Affairs has said preparations are underway in full swing. (ANI)

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)